SGX Nifty Indicates Positive Start | Why Inox Green Share Price Rallied | Sah Polymers IPO | Top Buzzing Stocks Today

Tue, 27 Dec Pre-Open

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On Monday, Indian share market extended gains as session progressed and ended on a firm footing.

The rally was aided by a rebound in metal stocks after a sharp slide last week. However, a rise in crude oil prices and concerns over a prolonged high-rate regime in the US capped gains.

On Monday, investors chose to overlook the grim Covid situation in China and bargain-hunted for undervalued stocks.

Most of the sectors made handsome gains yesterday, with PSU bank index gaining 7%.

At the closing bell on Monday, the BSE Sensex stood higher by 721 points (up 1.2%).

Meanwhile, the NSE Nifty closed higher by 208 points (up 1.2%).

IndusInd Bank, SBI, and Hindalco were among the top gainers.

Cipla, Divis Laboratories, and Dr Reddy's Laboratories, on the other hand, were among the top losers.

The BSE Midcap index ended higher by 2.3% while the BSE SmallCap index ended higher by 3.1%.

Barring healthcare sector, all sectoral indices ended in the green with stocks in the financial sector, metal sector, telecom sector, and power sector witnessing most of the buying.

Among the best banking stocks, IndusInd Bank and SBI inched 4% higher.

Shares of Bank of India, Bharat Dynamics, and Trident hit their 52-week highs.

The rupee was trading at 82.6 against the US$.

Gold prices for the latest contract on MCX were trading up by 0.1% at Rs 54,632 per 10 grams at the time of Indian market closing hours on Monday.

At 7:45 AM today, the SGX Nifty was trading up by 42 points or 0.2% higher at 18,070 levels.

Indian share markets are headed for a positive opening today following the trend on SGX Nifty.

Speaking of the stock markets, Richa Agrawal talks about EV stocks to add to your 2023 watchlist in her latest video.

While EVs could be the biggest megatrend of this century, the popular and leading names in EVs will not be the biggest beneficiaries of the EV transition.

She further talks about the need to expand the vision beyond EV OEMs to make big gains from the EV revolution.

Tune in to the below video to know more:

Top Buzzing Stocks Today

Larsen and Toubro (L&T) share price will be in focus today.

The company bagged an order from the Tumakuru Industrial Township (TITL) under the Chennai Bengaluru Industrial Corridor (CBIC) along with repeat orders from the Tamil Nadu Water Supply and Drainage Board (TWAD Board), funded by the Asian Development Bank.

The order from TITL is to construct, operate and maintain infrastructure works at the Tumakuru Node, Karnataka on an engineering, procurement, and construction (EPC) basis.

eClerx Services will also be a top buzzing stock.

eClerx Services, a global IT services company offering full-fledged digital transformation solutions, announced record date for buyback. The record date for the buyback is fixed as 27 December 2022.

Last IPO of the Year

The initial public offering (IPO) of polymer manufacturer Sah Polymers will open for subscription this week on Friday, 30 December 2022 and conclude on 4 January 2023.

The company has fixed a price band of Rs 61 to Rs 65 per share for its issue.

Sah Polymers' IPO will be a fresh issue of 10.2 million (m) equity shares, with no offer for sale (OFS) component. Sat Industries, which is the promoter, holds 91.8% stake in the company.

The Udaipur-based company is primarily engaged in manufacturing and selling of polypropylene (PP)/ high density polyethylene (HDPE) FIBC bags, woven sacks, HDPE/PP woven fabrics and woven polymer based products.

The company has a presence in 6 states and 1 union territory for the domestic market and 6 regions internationally in 6 regions such as Africa, the Middle East, Europe, the USA, Australia and the Caribbean.

The company proposes to utilize the net proceeds towards funding of the following objects setting up of a new manufacturing facility to manufacture new variant of flexible intermediate bulk containers (FIBC), repayment/ prepayment of certain secured and unsecured borrowings in full or part availed by the company, funding the working capital requirements of the company, and general corporate purposes.

Stay tuned to Equitymaster to get further updates on this IPO and all upcoming IPOs in the market.

Power Mech Projects Bags an Order

Power Mech Projects (PMPL) bagged a service order worth Rs 6,080 m from Adani Group. The order entails execution of retrofitting of flue gas desulphurisation (FGD) system for Adani Group's thermal power plants located at Mahan (Madhya Pradesh), Raigarh (Chhattisgarh), Raipur (Chhattisgarh) ranging between 600 megawatt (MW) to 685 MW.

Another order is worth Rs 3,0.66 m for setting up of wagon repair workshop at Kazipet, Telangana, on EPC mode. This project is awarded to Power Mech- Taikisha JV, a joint venture of the company and Taikisha Engineering India (with 65.8% and 34.2% sharing).

Further, the firm secured an order worth Rs 1,195.3 m for providing technical expert, rotary technicians & operation and maintenance services for CPP and related utility including central control room for 8 x 34.5 MW at Dangote Petroleum Refinery and Petrochemicals project, Lagos, Nigeria. The contract period of this work is 24 months.

Power Mech Projects operates as an engineering and construction company, which provides erection, testing and commissioning (ETC), civil and operation and maintenance services for power projects.

Inox Green Share Price Rallies

Newly listed Inox Green Energy Services gained over 10% on 26 December as the company announced its first acquisition in an independent operations and maintenance (O&M) wind service provider.

Without naming the company, Inox Green informed in an exchange filing that the wind service provider has a 230-MW-plus fleet that operates majorly in South India. The acquisition is a part of the strategic decision taken by the company to grow its fleet through the inorganic route as well.

The transaction is expected to conclude by end of January 2023.

Since its listing on November 23, the Inox Green Energy Services share price is down by 25%. It has listed at a 7% discount to the issue price of Rs 65 per share. The initial public offering (IPO) had seen a muted response from investors, with the overall offer being subscribed 1.55 times.

To know what's moving the Indian stock markets today, check out the most recent share market updates here.

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